Answer the following statement(s) true (T) or false (F)
1. Based on the benefit-cost analysis of the Clean Water Act presented in the text, Total Social Benefits (TSB) exceed Total Social Costs (TSC) and hence U.S. water quality standards are set at the allocatively efficient level.
2. According to the benefit-cost analysis of the Clean Water Act presented in the text, water quality standards set by the Clean Water Act are too stringent.
3. Receiving water quality standards and total maximum daily loads are equivalent.
4. Mercury is the leading pollutant for U.S. bays and estuaries.
5. Technology-based effluent limitations are defined by a states’ receiving water quality standard.
1. False
2. False
3. False
4. False
5. False
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Voluntary exchange requires that there must be mutual gain.
Answer the following statement true (T) or false (F)
A leading countercyclical variable ________
A) reaches a peak before the peak of the business cycle B) reaches a trough before the peak of the business cycle C) reaches a trough along with the trough of a business cycle D) all of the above E) none of the above
Refer to Figure 6.5. By how many hours does leisure change as a result of the income effect of the wage change?
A. 2
B. 3
C. 4
D. 5
If the MPC = 1, the spending multiplier is:
A. infinite. B. zero. C. 1. D. 10.